29 Feb 2016
NZD/USD outlook shifted to neutral short-term – UOB
In opinion of the research team at UOB Group, the pair’s stance is now neutral for the next 1-3 weeks.
Key Quotes
“The move above the key 0.6750 resistance late last week was clearly a false break as we witnessed a sharp reversal from a high of 0.6775”.
“The expectation for further NZD strength was clearly wrong and from here, the outlook is viewed as neutral”.
“However, short-term downward momentum is improving but at this stage, any further weakness is likely limited to 0.6500”.
Key Quotes
“The move above the key 0.6750 resistance late last week was clearly a false break as we witnessed a sharp reversal from a high of 0.6775”.
“The expectation for further NZD strength was clearly wrong and from here, the outlook is viewed as neutral”.
“However, short-term downward momentum is improving but at this stage, any further weakness is likely limited to 0.6500”.